Bitcoin

Bitcoin Crashes 12.73%, Alts Down by Double Digits

Bitcoin is down over twelve percent in 24 hours – and most of the top crypto has followed it down except $NEO.

CoinMarketCap Top Ten by Market Capitalization

No major token was spared a double digit loss, except $NEO. Ether, Ripple, LiteCoin, Stellar – the list goes on – all these top tokens experienced double digit losses over twenty-four hours.

Bitfinex Sees Top Volume in BTC/USD
With a market leading 6.17% of the BTC/USD market today, Bitfinex saw the most bitcoin USD trades of the current crash:

Bitfinex One Day Candles

Bitfinex One Hour Candles
Most of the damage was done in just three hours.

Hour and Volume
2018-01-16 07:00 5K
2018-01-16 08:00 14K
2018-01-16 09:00 9K

Bitfinex Fifteen Minute Candles
The closer fifteen minute candles show the precipitous drop:

Why Did Bitcoin Crash?
The market appears to be attributing today’s crash to ongoing market jitters in Asia. This is brought about by regulatory uncertainty. It is very common for regulatory news to negatively affect the price – but not for long.

Bitcoin crashes are not unusual. We saw bitcoin rise from about $900 to $14,000 December to December. Today’s crash is understandable, especially given the bitcoin yearly performance in 2017. Some of the price crash may be attributed to regulatory uncertainty in Asia, however it is also possible the price has risen too quickly over too short a time, contributing to traders’ lack of confidence.

Social Media Buzz

In bitcoin’s earlier years it was not uncommon to see double digit losses in the morning, and then see it bounce right back in the afternoon.

Today’s Dip Doesn’t Mean Much
In a long term buy and hold strategy today’s dip doesn’t mean much. $BTC will rise again and higher. According to some investment analysts bitcoin annual returns are superior to any other foreign currency.

XBTLivePrice: January 16

January 14

24 Hours of Bitcoin
24 Hours of #Bitcoin
-13.2% price $12,192.10
vol $15,597,000,000
mktcap $204,898,750,090
16.81M #XBT 12:39 #FinTech
http://kittybitcoin.com/bitcoin/24_hours_of_bitcoin.php

KittyBitcoin supplies blockchain intelligence on http://kittybitcoin.com, on industry leading websites, and through white label channels since 2014. Follow @KittyBitcoin on Twitter®.
Free AllCoinsNews Email Updates
Get the latest cryptotoken market news and blockchain developments!
We respect your privacy.